Further to the recent articles in the Italian and French media, Credit Agricole S.A would like to clarify that the number of shares held in Banca Intesa remains the same as the number published in the 2004 Annual Report, there has been no change to the holding. Any change in Credit Agricole S.A.'s participation in Banca Intesa would be submitted for review to the members of the shareholder pact.

Regarding any potential transaction or merger between Banca Intesa and any other Italian bank, Credit Agricole S.A. would like make to make clear that no such project has been put forward to the steering committee of the shareholder pact.